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76- 00053. 3
<br /> To HAVE AND To 110th the same unto the Mortgagee, as herein provided. Mortgagor represents to,
<br /> and covenants with, the Mortgagee, that the Mortgagor has good right to sell and convey said premises ;
<br /> that they are free from encumbrance, except its hereinotherwise recited ; that the Mortgagor will warrant
<br /> and defend the same against the lawful claims of all persons whomsoever. Mortgagor hereby relinquishes
<br /> • all rights of homestead, all marital rights, either in law or in equity, and all other contingent interests of
<br /> the 3lortgagor in and to the above-described premises.
<br /> PROVIDED ALWAYS, and these presents are executed and delivered upon the following conditions, to
<br /> wit :
<br /> Mortgagor agrees to pay to the Mortgagee, or order, the aforesaid principal sum with interest from date
<br /> at the rate of eight and three -fourtiver. centum ( 8 . 750 per annum on the unpaid balance until paid.
<br /> The said principal and interest shall be payable at the office of First Federal Savings and Loan
<br /> in Lincoln , or at such other place Association of,oafft. Lincoln ttiiay designate in
<br /> writing delivered or mailed to the Mortgagor, in monthly installments of Two Hundred Thirty- six and 02/100-
<br /> Dollars ( $ 236 .02 ) , commencing on the first day of March , 19 76 , and continuing on
<br /> the first day of each month thereafter until said note is fully paid, except that, if not sooner paid , the final
<br /> payment of principal and interest shall be due and payable on the first day of February 2006 . ; all
<br /> according to the terms of a certain promissory note of even date herewith executed by the said Mortgagor.
<br /> • The Mortgagor further agrees :
<br /> 1 . He will pay the indebtedness, as hereinbefore provided. Privilege is reserved to prepay at any
<br /> 1• time, without premium or fee, the entire indebtedness or any part thereof not less than the amount of one
<br /> installment, or one hundred dollars ($ 100.00) , whichever is less . Prepayment in full shall be credited on
<br /> the date received. Partial prepayment, other than on an installment due date, need not be credited until
<br /> the next following installment due date or thirty days after such prepayment, whichever is earlier.
<br /> 2. Together with, and in addition to, the monthly payments of principal and interest payable under
<br /> the terms of the note secured hereby, Mortgagor will pay to Mortgagee, as trustee, (under the terms of this •
<br /> trust as hereinafter stated ) on the first day of each month until said note is fully paid : -
<br /> (a) A sum equal to the ground rents, if any, next due, plus the premiums that will next become due
<br /> and payable onpolicies of fire and other hazard insurance covering the mortgaged property,
<br /> plus taxes and assessments next due on the mortgaged property ( all as estimated by the Mort-
<br /> gagee, and of which the Mortgagor is notified ) less all sums already paid therefor divided by
<br /> the number of months to elapse before one month prior to the date when such ground rents,
<br /> premiums, taxes and assessments will become delinquent, such sums to be held by Mortgagee
<br /> in trust t •
<br /> o pay said ground rents, premiums, taxes and special assessments.
<br /> (b ) The aggregate of the amounts payable pursuant to subparagraph (a ) and those payable on the
<br /> note secured hereby, shall be paid in a single payment eachmonth, to be applied to the follow-
<br /> ing items in the order stated :
<br /> ( I ) ground rents, taxes, assessments, fire and other hazard insurance premiums ;
<br /> (ii) interest on the note secured hereby ; and
<br /> • ( tii ) amortization of the principal of said note.
<br /> Any deficiency in the amount of any such aggregate monthly payment shall, unless made good
<br /> by the Mortgagor prior to the due date of the next such payment, constitute an event of default
<br /> • under this mortgage. At Mortgagee's option , Mortgagor will pay a "late charge" not exceed-
<br /> ing four per centum ( 4 % ) of any installment when paid more than fifteen ( 15 ) days after the
<br /> due date thereof to cover the extra expense involved in handling delinquent payments, but such
<br /> "lath charge" shall not be payable out of the proceeds of any sale made to satisfy the indebted-.
<br /> ness secured hereby, unless such proceeds are sufficient to discharge the entire indebtedness and
<br /> all proper costs and expenses secured thereby.
<br /> 3. If the total of the payments made by the Mortgagor under ( a ) of paragraph 2 preceding shall
<br /> exceed the amount of payments actually made by the Mortgagee, as trustee, for ground rents, taxes and •
<br /> • assessments or insurance premiums, as the case may be, such excess shall be credited by the Mortgagee .
<br /> on subsequent payments to be made by the Mortgagor for such items or, at Mortgagee's option, as trustee,
<br /> shall be refunded to Mortgagor. If, however, such monthly payments shall not be sufficient to pay such .-
<br /> items when the same shall become due and payable, then the Mortgagor shall pay to the Mortgagee, as
<br /> trustee, any amount necessary to make up the deficiency within thirty ( 30 ) days after written notice from
<br /> the Mortgagee stating the amount of the deficiency, which notice may be given by maiL If at any time
<br /> the Mortgagor shall tender to the Mortgagee, in accordance with the provisions of the note secured
<br /> hereby, full payment of the entire indebtedness represented thereby, the Mortgagee, as trustee, shall,
<br /> in computing the amount of such indebtedness, credit to the account of the Mortgagor any credit balance
<br /> accumulated under the provisions of ( a ) of paragraph 2 hereof. If there shall be a default under any
<br /> • •
<br /> of the provisions of this mortgage resulting in a public sale of the premises covered hereby, or if the •
<br /> Mortgagee acquires the property otherwise after default, the Mortgagee, as trustee, shall apply, at the
<br /> time of the commencement of such proceedings, or at the time the property is otherwise acquired, the
<br /> amount then remaining to credit the Mortgagor under (a) of paragraph 2 preceding, as a credit on the
<br /> interest accrued and unpaid and the balance to the principal then remaining unpaid on said note.
<br /> 4. The lien of this instrument shall remain in full force and effect ddering any postponement or eaten-
<br /> Sion of the time of payment of the indebtedness or any part thereof secured hereby.
<br /> 5. He will pay all ground rents, taxes, assessments, water rates, and other governmental or munici-
<br /> pal charges, fines, or impositions, levied upon said premises and that he will pay all taxes levied upon this
<br /> mortgage, or the debtsecured thereby, together with any other taxes or assessments which may be levied
<br /> • under the laws of Nebraska against the Mortgagee. or the legal holder of said principal note, on account of
<br /> this indebtedness, except when payment for all such items has theretofore been made under (a ) of para-
<br /> • . graph 2 hereof, and he will promptly deliver the official receipts therefor to the Mortgagee. In default
<br /> thereof the Mortgagee may pay the same.
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